FHA financing has been available at buildings in Harlem and the outer boroughs for some time now, but it hasn’t really had a big impact in prime Manhattan neighborhoods. That could be changing.

Alchemy Properties’ Midtown West luxury condo building Griffin Court has received FHA approval, making it the first development in the neighborhood to do so. Now buyers (even those with slightly shady credit) can enjoy the building’s concierge, fitness center and 8,700-square-foot courtyard (complete with hopscotch court!) for a mere 5 percent down.

Sort of.

The cruel reality of the matter is that FHA insurance backs loans up to $729,750. Apartments at Griffin Court start at $735,000 and go up to $3.86 million. So, unless you’re going for one of the lower-end units, you’ll probably need a hefty down payment anyway. Perhaps this is why prime Manhattan has seen so few new developments go for FHA approval — $729,000 worth of loan insurance just doesn’t make much of a dent.